Contractors

The provision of high level knowledge skills in certain sectors of the UK economy has traditionally been delivered by individuals trading as limited company ‘contractors’.

This structure allows both worker and the client to obtain flexibility, outside of the constraints of modern day employment law, as well as both obtaining tax and national insurance savings.

 

We have developed a wealth of accounting experience in acting for such contractors, who typically require a mix of our services such as:

  • Start-up assistance
  • Specialist tax advice in relation to IR35 and “24 month” rule for travel and subsistence
  • IR35 contract reviews
  • Registering for VAT
  • Remuneration planning ( tax efficient mix of salary and dividends)
  • Annual payroll and personal tax returns
  • Cloud Accounting services

 

We can also help answer questions such as

  • Is my contract IR35 friendly?
  • When can I take dividends?
  • How do I start a limited company?

Client Review

As an engineering manager, I started my own consultancy business ten years ago, with my wife as co-director. Whiting & Partners guided us in setting up the day to day accounting systems, that even the smallest company has to have, and have since looked after the annual accounts and tax matters.



 
Latest Blogs in Contractors
 
Scott Butcher
16th November 2018 Don’t dwell on your ATED obligations

With only just under 6 months until the 2019/2020 ATED return filing deadline of 30th April 2019. It may be an appropriate time to consider whether your limited company may be obliged to submit an ATED return. The annual tax on enveloped dwellings (ATED) applies to companies which own an interest in a residential property…

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Jodie Tarbin
12th November 2018 CGT Reliefs – Hit with Both Barrels!

A gain on sale of residential property is chargeable to capital gains tax (CGT) as follows: 18% to the extent that the gain falls within the basic rate band 28% thereafter An annual exemption is available if not utilised elsewhere (currently £11,700, rising to £12,000 in the 2019/20 tax year). Principal Private Residence Relief (PPR)…

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Richard Alecock
31st August 2018 Lettings relief increases the amount of the gain that is sheltered from capital gains tax

Occupying a let property as the only or main residence at some point during the period of ownership will not only shelter the gain relating to the period for which the property was occupied as the main residence (and also that relating to the last 18 months of ownership), but will also entitle a claim…

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Jason Jones
30th July 2018 Tax Rules on Holiday Homes

So, you enjoyed your break in a holiday cottage to the extent that you’re considering investing to make money from a similar property of your own. Jason Jones has this advice because a Furnished Holiday Let is a special type of property business where very different tax rules apply.   These Lets can be seen…

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Richard Alecock
4th June 2018 Property Allowance

The property allowance is a tax exemption of up to £1,000 a year for individuals with income from land or property. The property allowance applies to relevant property income which includes: Both UK and overseas property businesses. Both commercial and residential letting (but not rent-a-room businesses – see below).Where property income exceeds £1,000, the legislation…

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Ian Piper
2nd January 2018 Compulsory Purchase Orders: Opportunity to tax efficiently diversify?

  With numerous businesses currently being forced to sell property under compulsory purchase orders (COP’s), a little known tax rule may be of assistance in enabling you to diversify your investment in your trade into a buy-let-investment without incurring any tax: HMRC guidance HS292 Business asset rollover relief is a long established rule which allows…

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Philip Peters
26th November 2017 Buy to Let – minimising income tax

In recent years the tax system has been used increasingly to try to influence behaviour in the buy to let property market – the increases in Stamp Duty Land Tax, the restriction of tax relief for mortgage interest and the higher rate of capital gains tax for residential property sales are all examples of government…

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Jodie Tarbin
24th November 2017 Autumn Budget – Property taxes

SDLT for First time buyers – The government has introduced a new relief from SDLT for first-time buyers (in England, Wales and Northern Ireland) for all transactions with an effective date on or after 22 November 2017. The relief works as follows: £300,000 or less: no SDLT payable £300,001 and £500,000: no SDLT on the…

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Jodie Tarbin
6th September 2017 Bank of Mum and Dad!

  A parent with spare funds to invest may like to consider purchasing a property for their student son or daughter to live in whilst at university, in order to save on student accommodation costs.   We recently advised a client that, so long as their son or daughter lives in the property as his…

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Jodie Tarbin
23rd August 2017 Updated Brief Guides from our Property Investors Group

  Our Property Investors Group have recently updated our ‘A brief guide to…’ documents which are now ready for you to download on our Property sector webpage.   They give help and support with various property related queries relating to stamp duty land tax, treatment of furnished holiday lets and tax for non-resident landlords, for…

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